All about filing Form AOC-4 I Form AOC-4 Filing for FY 21-22 on MCA Portal

Summary

This video provides a comprehensive guide on how to file Form AOC-4 on the MCA portal, a mandatory requirement for companies to submit their financial statements. It covers the eligibility criteria for companies required to file in XBRL format, the step-by-step process of completing the form, and the necessary attachments. The video also highlights key details like the company's financial parameters, auditor reports, CSR disclosures, and penalties for late submission. By following the outlined steps, businesses can avoid fines and ensure compliance with the statutory filing requirements.

Takeaways

• 😀 Filing financial statements is mandatory for all companies, and AOC-4 is the form used for submission on the MCA portal.
• 😀 AOC-4 is required for non-banking financial companies (NBFCs) that comply with Indian Accounting Standards (Ind AS).
• 😀 Companies listed on the Indian stock exchange, those with a capital of ₹5 crore or more, or a turnover of ₹100 crore or more must file in XBRL format.
• 😀 The deadline for submitting AOC-4 is 30 days after holding the Annual General Meeting (AGM). For FY 2021-22, the deadline is October 30th.
• 😀 The process of filing AOC-4 involves downloading the form from the MCA portal, extracting it, and filling out various details about the company and its financial statements.
• 😀 The form requires information about the company’s authorized capital, board of directors, AGM, auditors, and subsidiary details.
• 😀 Part B of the AOC-4 form focuses on entering balance sheet data, such as equity, liabilities, and assets for the reporting period and previous period.
• 😀 Companies must also provide details of financial performance, including revenue, profit, loss, and earnings per share (EPS).
• 😀 CSR disclosures must be included, detailing the company's turnover, net worth, and CSR spending if applicable.
• 😀 Failing to file AOC-4 on time results in penalties for the company and its directors, ranging from ₹10,000 to ₹2 lakh, depending on the delay.

Q & A

What is the purpose of filing Form AOC-4 on the MCA portal?

Form AOC-4 is used to file a company's financial statements with the Ministry of Corporate Affairs (MCA). It ensures compliance with statutory requirements and helps avoid penalties for late filing.

Who is required to file Form AOC-4?

All companies, including those listed with any Indian Stock Exchange, companies with a capital of Rs. 5 crore or more, and those with a turnover of Rs. 100 crore or more, are required to file Form AOC-4. Additionally, companies that need to comply with Indian Accounting Standards (Ind AS) must also file this form.

What is the deadline for filing Form AOC-4 for the financial year 2021-22?

The deadline to file Form AOC-4 for FY 2021-22 is 30th October 2022, as the last day to hold the AGM was 30th September.

What happens if the AOC-4 form is not filed on time?

If Form AOC-4 is not filed by the due date, the company will incur a penalty of Rs. 10,000, plus Rs. 100 for each day of delay, with a maximum cap of Rs. 2 lakh. The managing director or CFO will also face a penalty of Rs. 10,000, plus Rs. 100 for each day of delay, with a cap of Rs. 50,000.

What are the key sections in the AOC-4 form that need to be filled out?

The key sections include company details (e.g., authorized capital, number of members), financial year and AGM details, director and auditor information, balance sheet data (e.g., equity, liabilities, assets), turnover and CSR details, and related party transactions.

What are the attachments required when filing Form AOC-4?

The attachments required include the financial statements, the board's report, auditor’s report, CSR policy (if applicable), and other necessary documents like secretarial audit report and details of CSR activities.

What is the process to download and fill Form AOC-4?

To download Form AOC-4, visit the MCA website, navigate to 'Company Forms Download', and extract the downloaded zip file. Fill in the required details in the form, including company information, financial year, AGM date, and financial data. Ensure that all sections are completed and verified before submission.

How do you submit the completed AOC-4 form on the MCA portal?

After completing and saving the AOC-4 form, log in to the MCA portal, go to 'My Workspace', select 'Upload eForms', browse for the saved form, and upload it. You will then be prompted to pay the required filing fees.

What are the consequences if the company's financial statements are not filed in accordance with Ind AS?

If a company is required to file financial statements under Indian Accounting Standards (Ind AS) but fails to do so, it risks non-compliance, which could result in penalties, legal issues, or other regulatory actions.

Is it necessary to attach the company's CSR policy when filing Form AOC-4?

Yes, if the company is subject to Corporate Social Responsibility (CSR) regulations, the CSR policy, along with details of CSR activities and expenditures, must be attached to the AOC-4 form.